What you need to know
- Elon Musk and Twitter have been at odds over the proposed deal for the billionaire to purchase the social media platform.
- The two parties were set to go to trial over the deal, which Elon Musk was determined to back out of.
- Musk's legal team has now issued a letter stating that he intends to proceed with the deal.
In a sudden turn of events, Elon Musk apparently wants to go through with the plan to purchase Twitter. The billionaire's legal team issued a letter to Twitter on Monday (via Bloomberg) stating that he will proceed with the deal.
"We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement," the letter reads, indicating that Musk and his party intend to buy at the original offer price of $54.20 per share, or $44 billion.
It then suggests that a trial is no longer between the two companies, calling for the Delaware Chancery Court to "adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court."
Twitter has been adamant about Musk going through with his offer to buy the company and has issued a response on its Investor Relations account echoing such.
"We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share."
It's definitely a surprising about-face for Musk, who has been less than satisfied with Twitter's imprecise reporting of bots on its platform. The two parties were set to enter court this month following Musk's attempt to back out of the deal, but Twitter wouldn't have it.
Meanwhile, a former employee (read: whistleblower) recently claimed that Twitter didn't care to address its spam problem and had a number of security problems. It was likely Musk planned to use the whistleblower's claims against the company in court.
Twitter shareholders have already voted in favor of the transaction, meaning there's seemingly little to get in the way of the deal actually going through now that Twitter and Musk have apparently made up.
Derrek is a long-time Nokia and LG fanboy who loves astronomy, videography, and sci-fi movies. When he's not working, he's most likely working out or smoldering at the camera.
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